[cryptography] Nothing to do with digital cash in the news...

James A. Donald jamesd at echeque.com
Mon Jun 13 07:21:34 EDT 2011

On 2011-06-13 3:33 PM, John Levine wrote:
> Until very late in the bubble, Fanny and Freddy bought only
> conventional prime fixed rate loans, so it was roaring along without
> their help

In 1992, Fanny and Freddy got tasked with affordable housing for the 
poor, and immediately dropped their standards.  It was predicted at the 
time that this would lead to disaster.

Fannie and Freddy started buying subprime loans in 1997, a further major 
drop in their standards.  Was it roaring along in 1997?

, and the CRA has been around since 1977,

The CRA was turned from a minor irritation to Frankenstein's monster in 
1992, which is when no hablo english cat eating wetbacks started buying 
expensive houses.

In 2000 The National Community Reinvestment Coalition boasted about the 
early 1990s change in the CRA from toothless to lucrative:

	“Lenders and community organizations have negotiated $1.09
	trillion in CRA dollars from 1992 to 2000. In contrast, $8.8
	billion was negotiated from 1977 through 1991.”

And guess what.  One trillion was about the amount of money pissed away.

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